Planning for Growth Assignment - Vectair Company
Added on 2020-10-23
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Planning for growth
Table of ContentsINTRODUCTION...........................................................................................................................3P1. Presenting key considerations for evaluating growth opportunities and justification withinorganizational context.................................................................................................................3P2. Evaluating the growth opportunities by using Ansoff's Growth vector matrix ..................5P3. Presenting potential source of funding with its benefits and drawbacks..............................7P4 Business plan for Vectair Holdings.......................................................................................9P5. Exit and succession options for small business with its pros and cons..............................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONPlanning and growth are two necessary aspects to run a business in a positive way.Planning is necessary to take a business in further level of success. The present report deals withVectair Company that offers many hygiene products in around 130 countries from last 30 years.Company offers air care, air freshening, scent market and odour control which help to keepenvironment as well as home clean and fresh. The report analyses key consideration forevaluating growth opportunities. It also evaluates the opportunities for growth by applyingAnsoff's growth vector matrix. Report also assess the potential sources of funding available tobusiness with its advantages and disadvantages. The report develops a detailed and appropriateplan for growth which includes financial information and strategic objectives for scaling upbusiness. It also presents various ways where small business owners can exit a company and theimplications of each option as well.P1. Presenting key considerations for evaluating growth opportunities and justification withinorganizational contextTo run a business in a proper and positive direction, planning is necessary. Vectair is asmall scale firm that offers many hygienic products to customers at reasonable and affordableprice. Main aim of company is to provide best hygienic products at low cost. Company alsooffers unique manufacturer’s service which help other companies to design their own style ofwashroom products by using the latest technologies. Recently, company is looking forward toexpand its business in the future (Bridge and Dodds, 2018). But there are various factors thataffect the planning and growth of a business such as sales marketing, financial viability, marketcoordination, merger and acquisition, etc. which are mentioned as below:Sales marketing/ plan: A business will be successful in the future if it has good salesmarketing and plan. It is the most important factor that affects the growth and planning as well asgrowth. Sales of Vectair Holding is quite effective and it always try to fulfill the needs of theircustomers. Company offers their products to 130 countries and this proves that sales marketingof a firm is good as compared to others. If the business has good sales channel and plan then itwill definitely attract a wide number of customers and for sales marketing, it is necessary tochoose right person because he is the only man who monitors whole sales team (Wu, 2018).
Budget: To expand the business, it is necessary to know the budget. Finance or financialviability is another most important factor that affects the planning or growth of a company. It isquite difficult to assess financial resources available for the future growth. But an individual cananalyze revenue generated in the last year and can easily identify whether the business will earnprofit or loss if it will exceed in near time.Competitive Advantages: It is another most important key consideration that affects thewhole environment of a company. The Vectair Holdings offer variety of products to itscustomers with low and affordable price as compared to its rivals. To identify target audience innearby areas will definitely help to determine whether the business will be successful in nearfuture or not. To increase the competitive advantages among companies, it is necessary to deliverall the goods and services at low and affordable cost to the customers (Pugalis and et.al., 2015).Legal Aspects: Legal aspects are linked with the rules and regulations which areintroduced by government. To expand a business, Vectair Holding must follow all the rules andimplement those in their business as soon as possible. This legal aspect will somehow damagethe image of a company if not followed by owner. For example, if government introduced newrules related to tax, it is necessary for company to implement those new rules in business and it isnecessary for a businessman to know all rules or terms as well as conditions which somehowrelate to business.Merger and Acquisition: These are two most important and complex areas that help tooccupy good position in the market place. Merger and acquisition are two ways to secure a goodspace with specialized skills and talent that will surely help to expand the values or serviceswhich are provided to the customers (Ying, Chaolin and Xiaojiang, 2014).Market coordination: Maintaining a healthy relationship with market as well ascustomers will help to reach at a wide number of customers in small time. Vectair Holding has agood market coordination as well as promotional activities. Whenever new product is introducedby a company, it displays those products using marketing activities such as advertising,brochures, etc. This will help to enhance the market communication.
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